Despite widespread criticism of the United States Federal Reserve’s FedNow project, particularly in terms of what it means for privacy, blockchain company Ripple has expressed a view that it would transform payments and, as a result, this might strengthen XRP adoption.
Indeed, Ripple highlighted the potential “networking effects” associated with the instant payments service developed by the U.S. central bank, which aims to integrate traditional banking with decentralized finance (DeFi), in its recent report titled ‘Trends in Regional Payments.’
As a result, the blockchain firm, whose partner Volante Technologies participated in FedNow’s pilot phase alongside a renowned custodian bank, anticipates the disruption of the country’s current payment environment, which, ultimately, could lead to increased adoption of the “green digital asset,” XRP.
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XRP price analysis
For the time being, XRP is changing hands at the price of $0.5881, which reflects a 0.78% increase in the last 24 hours, a gain of 3.99% across the previous seven days, reducing to 1.62% the losses in the past month, according to the latest chart data on September 20.
In technical terms, XRP is trading above most of its shorter-term moving averages (MA) but relatively close to the 200 simple moving average (SMA). At the same time, the shorter-term moving averages (7, 30, and 50) are above the 100-SMA and 200-SMA, indicating a potential recovery or slight uptrend.
Furthermore, in recent weeks, XRP has been largely moving in the range between $0.55 and $0.60, with several attempts to break either above or below these areas, while the market seems to have found support around $0.58 (the 200-SMA) and resistance in the $0.60 zone.
Should this cryptocurrency manage to break through the $0.60 resistance, its next significant resistance levels lie at $0.65, followed by $0.70, and then at $1, and if its 50-SMA crosses above the 200-SMA (golden cross), it would provide significant strength.
What do crypto analysts think?
Elsewhere, pseudonymous crypto analyst Altstreet Bets has recently opined that XRP “will break 1$ this year,” as demonstrated through the Elliott Wave Theory and the 5-wave impulse pattern, which expects XRP’s final push to possibly drive it above $1 by October or November 2024.
Earlier, crypto trading expert CredibleCrypto argued that XRP might soar to $0.75 “with haste,” observing that the token repeatedly tested support around $0.5467 (100% Fibonacci retracement), deviating below it before reclaiming it, as well as resistance around $0.6436 (0% Fib retracement), which it rejected twice.
Finally, crypto analyst Levi Rietveld has recently pointed out that investing $1,000 in XRP could turn into nearly $200,000 if the price hits $100, using the dollar-cost averaging (DCA) or leverage trading method, but not without warning that lower leverage (between 2x and 5x) might be the safest bet.
Conclusion
All things considered, the positive Ripple news might help XRP reach the price target at $1, provided it coincides with other catalysts, like increased XRP adoption and/or broader bullish sentiment in the crypto market, in the following weeks, but it might take a few months without such conditions.
Indeed, other positive developments that could assist in its path toward the coveted price zone include the potential launch of an XRP spot exchange-traded fund (ETF) following Grayscale’s introduction of XRP trust, which many believe is paving the way for an ETF.
That said, trends in this sector can easily and suddenly change, so doing one’s own due diligence, including following any relevant Ripple XRP news today and in the future, keeping up with XRP news prediction, Ripple news, and the like, is critical when investing substantial amounts of money.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
